Tuesday, August 31, 2010

Mr. T.Badamjunai, Minister of Food, Agriculture, and Light Industry, has asked people to be patient for just a few weeks for wheat and flour prices to fall after the harvest. This year wheat is being grown on more than 350,000 hectares, considerably more than last year, and the harvest should be adequate to meet domestic needs. He explained the need to import flour by saying that only a special type of wheat can be made into flour and in previous years there was not enough Mongolian wheat with the required “stickiness”. However, this has been taken care of this year.

MOSCOW. Aug 30 (Interfax-AVN) - Over 1,000 servicemen and 200 pieces of military hardware will take part in the Russian-Mongolian Darhan 3 exercise at a training ground of the Russian Siberian military district from September 1-15, press secretary of the district commander Valery Shcheblanin told Interfax-AVN on Monday.

NEW YORK--(BUSINESS WIRE)--The New York Society of Security Analysts (NYSSA) will hold its first conference on investing in Mongolia. Regional experts will discuss the country’s economic outlook and investment potential, and executives from Mongolian public companies will discuss their businesses.

Jambalnamdalchoijijantsan, the reincarnated Ninth Bogd (the “living Buddha”) is now a Mongolian citizen. Born in Tibet in 1932, he was identified as the reincarnation of the Eighth Bogd when he was four years old.

To combat the growing literacy problem, the Government of Mongolia introduced a number of strategies to improve the countrys education system. These include the World Bank funded Rural Education and Development (READ) Project and the Education for all Fast Track Initiative.

Mongolian Mining Corp. received approval from the Hong Kong Stock Exchange for a $1 billion initial public offering, the first by a Mongolian company in the territory, according to two people familiar with the IPO.

Friday, August 27, 2010

The U.S. National Nuclear Security Administration said today it had provided training to Mongolian authorities on the response to a potential terrorist strike against a site that holds nuclear or radiological materials (see GSN, Nov. 14, 2008).

Mongolia has for the first time allowed foreign tourists cross its border to get to China. An international checkpoint on the Mongolian-Chinese border near Mongolian province of Khovd has been made available for all foreign citizens.

Thursday, August 26, 2010

Wheat farmers, flour manufacturers and ministry representatives have held talks to decide on prices. The meeting was marked by different perceptions and conflicting data. Growers and manufacturers were generally agreeable to MNT350,000 per ton as the post-harvest price. R.Sodkhuu, head of a union of cultivators, said this would cover all production costs.

Ulaanbaatar, Mongolia, /MONTSAME/ Head of the Sub-committee on Local Governance at the State Great Khural D.Zagdjav received Wednesday a delegation led by Mrs. Asha Gosh, the Assistant Director of Local Governance Programs for the Asia Foundation, in the Government House.

Wheat farmers, flour manufacturers and ministry representatives have held talks to decide on prices. The meeting was marked by different perceptions and conflicting data. Growers and manufacturers were generally agreeable to MNT350,000 per ton as the post-harvest price. R.Sodkhuu, head of a union of cultivators, said this would cover all production costs.

Wednesday, August 25, 2010

Ulaanbaatar, Mongolia, /MONTSAME/ Dedicated to administrative staffers training "Responsible mineral industry-Specialized inspection" has been organized with a financing from the Asia Foundation and General Agency for specialized inspection (GASI).

Ulaanbaatar, Mongolia, /MONTSAME/ A delegation headed by Mrs. Annette Widmann-Mauz, Germany's Parliamentary State Secretary at the Federal Ministry of Health, is paying a visit to Mongolia. On Monday, Mrs. Widmann-Mauz was received by the Health Minister S.Lambaa.

Hong Kong, Aug 24, 2010 (ACN Newswire via COMTEX) -- North Asia Resources Holdings Limited ("NAR" or the "Company") (stock code: 61) announced that the Company has signed a memorandum of understanding (the "MOU") with Sinosteel Trading Co., Ltd. ("Sinosteel Trading") on 18 August 2010 for long-term cooperation with respect of the Company's iron ore mining operation in Mongolia.

As they ponder ways to develop Mongolia’s abundant natural resources, political leaders in Ulaanbaatar are opting for more expensive infrastructure options in order to bolster the country’s sovereignty.

Tuesday, August 24, 2010

Seoul Metro, which operates subway Line One to Line Four in Seoul, has won a contract to conduct a feasibility study for a project to build a light rail transit system in the Mongolian capital of Ulaanbaatar.

Mongolia is seen as the world’s least attractive jurisdiction for mineral exploration and development, according to the survey released today by the Fraser Institute, Canada’s leading public policy think-tank.
The updated survey of international mining executives was conducted between June 1 and June 30.

TORONTO, ONTARIO, Aug 23, 2010 (MARKETWIRE via COMTEX) -- Garrison International Ltd. /quotes/comstock/11v!gau (CA:GAU 0.10, 0.00, 0.00%) ("Garrison") is pleased to announce that construction of the processing plant building on site at the Tovshiir Gold Project is well underway with all concrete foundation footings and beams installed, concreted and welded in place. All steel upright columns and roof beams, including C-channels have also been installed. Insulated wall and roof panels will be installed within a week. Preparatory work has commenced on the ball mill foundation with the foundation pit formed and ready for concreting with the formwork being built to be equipped for fast pouring. The ball mill has now been obtained from storage in Ulaan Baatar and has been prepared for transport to the site. Photographs of the shed and ball mill can be viewed on Garrison's website at www.garrison-intl.com.

Trade and Development Bank and Korean Exchange Bank have signed a Memorandum of Understanding to introduce a service to allow Mongolians studying, working, and living in Korea to transfer money from there to Mongolia easier and faster.

Mongolian Prime Minister Sukhbaatar Batbold and a visiting senior U.S. defense official reaffirmed their willingness to enhance cooperation in security and defense sectors, the Mongolian government said Friday.

Friday, August 20, 2010

Mongolia and Hungary cooperation in geology sector has some 50 years of history. Mongolia and Hungary made decision to deepen their cooperation on detailed study of geology and geophysics and HR training of this field. Since 2008, Hungary submitted over 40 reports of geological study to Mongolia.

Last Sunday, RIA News, a Russian news agency, informed that Mongolia will cooperate with only Russia on uranium development. The news said that the Russian Government presented to the State Duma, the lower house of the Russian parliament, the inter-governmental agreement on establishment of “Dornod Uranium” (Oriental Uranium) Company.

TORONTO, ONTARIO, Aug 19, 2010 (MARKETWIRE via COMTEX) -- Centerra Gold Inc. /quotes/comstock/11t!e:cg (CA:CG 14.96, -0.02, -0.13%) is pleased to announce the appointment of Mr. Amandgeldy Muraliev, Mr. Karybek Ibraev, and Mr. Raphael Girard to its Board of Directors. Centerra also announces the resignation of Mr. William Braithwaite from its Board of Directors. Following these changes to the Board of Directors, Centerra's Board will be comprised of eleven members.

Ulaanbaatar, Mongolia, /MONTSAME/ The Defense Minister of Mongolia L.Bold and a Head of the General Headquarters of Mongolia's Armed Forces Lieutenant-General Ts.Byambajav received Thursday a Lieutenant General Wallace C.Gregson, the U.S. Assistant Secretary of Defense for Asia-Pacific affairs. Headed by him U.S delegation is paying a working visit to Mongolia August 17-20.

Thursday, August 19, 2010

The Ministry of Education, Culture, and Science recently signed a memorandum of understanding with Oyu Tolgoi LLC on providing training to around 2,500 people who will work in the mines to begin operation in about three years from now. The first phase of the training starts on September 1 and will offer 10 courses in different areas of work for altogether 1,000 people. The training will be held at different centers in Nalaikh, Darkhan, Dornod, Govisumber, Dornogovi, Umnugovi, Selenge, and Khovd.

First Deputy PM N.Altankhuyag was in Arkhangai province over the weekend, assessing the status of small and medium enterprises in the countryside. MNT 30 billion has been lent to SMEs this year, designated as Industry Encouragement Year. Last year 70 projects in Arkhangai got MNT845 million in loans and created 100 jobs. last year. This year, 47 organizations have taken MNT433 million worth loans.

Ulaanbaatar, Mongolia, /MONTSAME/ A head of Mongolia-Vietnam inter-parliamentary group J.Enkhbayar and head of the Parliamentary Standing committee on social policy, education, culture and science D.Arvin MP received Tuesday a delegation headed by Mr. Liuang Fang Kiu, the head of the Vietnam-Mongolia inter-parliamentary group at the National Assembly of the Socialist Republic of Vietnam.

Wednesday, August 18, 2010

Ulaanbaatar, Mongolia, /MONTSAME/ The Prime Minister of Mongolia S.Batbold received Tuesday Mrs. Anna Biolik, the Ambassador Extraordinary and Plenipotentiary of Canada to Mongolia, in conjunction with her returning home.

Ulaanbaatar, Mongolia, /MONTSAME/ A parliamentary delegation of Mongolia comprised MPs N.Ganbyamba and D.Ochirbat visited August 12 the National Nanotechnology Coordination Office (NNCO) of the USA, and met with Dr. E. Clayton Teague, a director of the NNCO.

Ulaanbaatar, Mongolia, /MONTSAME/ A delegation led by Mr. Hirohiko Izumida, governor of Niigata prefecture of Japan is visiting Ulaanbaatar city. On Tuesday, the Mayor of Ulaanbaatar city G.Monkhbayar received to the delegation of Niigata prefecture that has been implementing various projects in Ulaanbaatar and Mongolia together with the Japan International Cooperation Agency (JICA).

Ulaanbaatar, Mongolia, /MONTSAME/ A regular consultative meeting was held August 16 in Bejing, China between department directors of the Ministries of Foreign Affairs of Mongolia and the Republic of China. The consultative meeting was led by O.Enkhtor, a director of the Department of Neighboring Countries of the Mongolia's Foreign Ministry; and Yang Yanyi, a director of the Asian Affairs Department of the China's Foreign Ministry.

Ulaanbaatar, Mongolia, /MONTSAME/ A delegation led by Mr. Dirk Niebel, the Minister for Economic Cooperation and Development of the Federal Republic of Germany (FRG) will pay a visit to Mongolia from August 19 to August 23, 2010. The German Minister will be accompanied by members of the Bundestag--Mrs. Christel Happach- Kasan, Mr. H.Haibach, Mrs. Ute Kumpf and other officials.

A federal appeals court dealt a setback on Tuesday to the Bloomberg administration’s seven-year effort to collect taxes on space in diplomatic missions that the city says is not used for diplomatic purposes.

Moscow, Aug 16, 2010 (BBC Monitoring via COMTEX) -- The government of the Russian Federation has approved an inter-government agreement between Russia and Mongolia, concluded in August 2009 on setting up a limited-liability joint venture Dornod Uran.

Mongolbank special representative informed that Anod Bank has officially ended its operation some two weeks ago and announced the shareholders’ meeting on August 15 2010. According to the law, representative with full power shall summon shareholders’ meeting within two years after he or she took full power.

Embassy of the Republic of Korea will organize a biggest festival called “2010 Korea Rainbow Tourism Festival Mongolia” in Ulaanbaatar, Mongolia, within the framework of the 20th anniversary of diplomatic relations between Mongolia and Korea, on August 13 and 14, 2010.

SouthGobi Resources owns the right asset in the right place at the right time. The Hong Kong-listed Mongolian mining company is controlled by Ivanhoe Mines of Canada, and operates the Ovoot Tolgoi mine just 40km from the border with China.

Since Russia imposed a temporary ban on grain export early August, the price of flour increased in the countrywide [as published], leading to strong debate and anger among the population since the flour is a major ingredient in daily diet of Mongolians.

ULAANBAATAR, MONGOLIA – Instead of the traditional barbecues and fireworks that are part of Canada Day celebrations at home, Canadians here marked July 1 listening to a tuxedoed Mongolian baritone perform our anthem at an embassy reception outside a former dictator’s palace.

Russian government has introduced into the lower house of the Russian Parliament, the State Duma, an intergovernmental agreement with Mongolia on setting up joint uranium mining company with limited liability Dordon Uran.

The Armani Group opens its first Emporio Armani store in Ulaanbaatar, Mongolia.
Located at Sukhbaatar Square in the Central Tower Building, the new store occupies over 210 square meters on the ground floor.

Friday, August 13, 2010

Australia's coal producers are facing stiff competition from Mongolia and Canadian mining magnate Robert Friedland is predicting that the country could eventually lose a sizeable share of its global market from Mongolia's lower tax measures for its resource industry.

Centerra Gold, that owns the Boroo mine in Mongolia, has reported higher-than-expected quarterly earnings, as increased production and strong gold prices helped the miner return to profit after a loss last year. The Canadian gold miner"s net earnings came in at USD29.8 million. That compares with a net loss of USD79.6 million a year earlier, when lower gold recoveries and increased costs took a toll. Revenue was 46 percent higher at USD152.2 million.

Ulaanbaatar, Mongolia, /MONTSAME/ "Zuun mod" copper molybdenum mineral deposit in Shinejist soum is the Ouytolgoi for Bayankhongor aimag. Preliminary survey say the "Zuun mod"'s resources are three times bigger than those of the "Erdenet Mining" Corporation.

Ulaanbaatar, Mongolia, /MONTSAME/ A ceremony took place Thursday in the Ministry of Mineral Resources and Energy to sign a memorandum of mutual understanding on cooperation in distributing energy-saving fuels to ger areas. This memorandum has been inked by D.Zorigt, the Minister of Mineral Resources and Energy and by S.Bayarbaatar, an executive director of the Millennium Challenge Account of Mongolia (MCAM) in frames of activities to reduce air pollution in Ulaanbaatar.

ULAANBAATAR, MONGOLIA — The fate of the massive deposits of lithium recently discovered in Afghanistan is destined to be no different from that of landlocked Central Asia’s other natural resources: tapped by the West, and eventually controlled by the East.

The Minister of Finance and Development Planning, Kenneth Matambo on August 9, 2010 met with a delegation of Members of Parliament from Mongolia who are in Botswana to learn how the country has successfully managed revenues from minerals.

Thursday, August 12, 2010

Dispute over the uranium license of Khan Resource has been soaring since Naadam. As reported earlier on www.business-mongolia.com, according to the court decision, the Nuclear Energy Agency lost its case against Khan Resource and if the license will not be revoked, the Mongolian Government would be called to the International Arbitrage Court.

Mongolian Stock Exchange Management Tender Bid was announced earlier. Some companies and consortium are preparing for the bid. At this time, Nasdaq OMX & Mosdaq Consortium held press conference on its submission of tender material to the State Property Agency on MSE Management Team. Nasdaq OMX cooperates with Mosdaq, a Mongolian company, since 2007.

The State Secretary of the Ministry of Foreign Affairs of Mongolia, D.Tsogtbaatar, told a press conference on Monday that Ajay Chhibber, UN Assistant Secretary-General, and Assistant Administrator and Director of the Regional Bureau for Asia and the Pacific, had said, during his visit from August 5 to August 9 that Mongolia is an exemplary country in the region for developing democracy.

According to the latest survey of the National Statistical Office, unemployment has reached 11 percent, with 138,000 people without a regular job. Active job-seekers registered in labor service centers number 39,200.

Problems with collateral were reported to have affected the disbursement of MNT30 billion as loans to small and medium enterprises in all 21 provinces and six districts of Ulaanbaatar, particularly in the countryside. D.Batmagnai, officer in charge of Finance and Investment of SME, answers questions on the matter.

Ulaanbaatar, Mongolia, /MONTSAME/ The Ambassador Extraordinary and Plenipotentiary of the USA to Mongolia Mr. Jonathan Addleton attended an opening ceremony of the Khaan Quest field exercises of peacekeeping operations which started August 8, the U.S Embassy in Ulaanbaatar says.

Prime Minister S.Batbold visited the Taishir water power station on August 8 and then instructed the Ministry for Finance and the Ministry for Minerals and Energy to release US 250,000 so that full generation there may begin in September. The plant will provide power to meet all the needs of Gobi-Altai and Zavkhan provinces.

Tuesday, August 10, 2010

As the summer economic growth period is reaching its traditional zenith, property prices are yet again on the slow path upwards. For all intents and purposes, it seems that Mongolia’s recession blues are over to be replaced by a new wave of optimism.

FORT WORTH -- A four-member delegation of leaders from Mongolia is on a special mission in Fort Worth -- to learn about judicial checks and balances through a cooperative program with the Texas Wesleyan University School of Law.

The Director of the newly established Economic Policy and Competitiveness Research Center, Ch. Otgochuluu, says the Memorandum of Understanding recently signed with the Global Competitiveness Research Center in Switzerland will help fulfill the desire of President Ts.Elbegdorj that a Mongolian institute should take up the job of analyzing and evaluating the status of the country’s competitiveness.

The 3rd national report on realization of the Millennium Development Goals (MDGs) conclude that despite steady progress, it will be difficult to achieve them by 2015.The report was presented at a ceremony on Friday in the Ministry of Foreign Affairs. It was attended by Ajay Chhibber, the UN Assistant Secretary-General, Assistant Administrator and Director of the Regional Bureau for Asia and the Pacific; G.Zandanshatar, Minister of Foreign Affairs of Mongolia; Ch.Khashchuluun, head of the Committee of National Development and Innovation Committee; and D.Tsogtbaatar, State Secretary of the Ministry of Foreign Affairs.

Ulaanbaatar, Mongolia, /MONTSAME/ The United Nations Children's Fund (UNICEF) and a Ministry of Education, Culture, and Science of Mongolia have presented 180 million togrog worth 20 ger kindergartens and 20 ger schools with all toys and furniture needed. It has been done in order to attract living in remote areas children in the preschool education and to give dropouts a chance to go to school again in frames of the Millennium Development Goals' aim to increase a sufficiency of the education.

With an ambitious target of developing three coal mines in Mongolia within the next four years, Hunnu Coal (ASX: HUN) added to momentum with the commencement of a drill program at the Tsant Uul Coking Coal Project. Tsant Uul is strategically located within 40 km of the giant Tavan Tolgoi Coking Coal Field in the Umnugobi Province of southern Mongolia.

ULAN BATOR, Aug. 9, 2010 (Xinhua News Agency) -- A training exercise hosted by Mongolia with the aim to improve UN peacekeeping operations has started in a military camp 65 km west of the Mongolian capital, officials said Monday.

Friday, August 6, 2010

After the decision of railway policy, Tavan Tolgoi concept, Sainshand Industrial Complex issue is in highlight of the Mongolian Development in this fall. Sainshand is center of Dornogobi aimag. Upon completion of the complex, GDP of Mongolia would reach $41 billion between 2010-2021 and 76 thousand direct employment position and over 150 thousand indirect workplaces would be created.

The Ministry of Nature, Environment, and Tourism recently instructed concerned organizations to immediately inspect the activities of companies extracting minerals in areas falling under the Orkhon river basin area.

VNEconomyNews.com - A senior official of the Ministry of Agriculture and Rural Development (MARD) has pledged to encourage businesses to invest in Mongolia in the principles of equality and mutual interest.

Thursday, August 5, 2010

Minister for Roads, Transport, Construction and Urban Development Kh.Battulga has expressed his happiness that Parliament adopted the State Policy on Railway as proposed by the Government, without any major change. He called it a historic event as the decision to set up the existing Ulaanbaatar Railway had been taken in Moscow, while this time Mongolians in Mongolia formulated and adopted a policy aimed at establishing a railway network that will allow Mongolia to export its minerals directly through several points, create many workplaces, and help develop processing industries.

The UN Assistant Secretary-General, Assistant Administrator and Director, Regional Bureau for Asia and the Pacific Mr. Ajay Chhibber will pay an official visit to Mongolia August 5-9 at invitation of the Foreign Minister G.Zandanshatar.

The Ambassador Extraordinary and Plenipotentiary of the USA to Mongolia Mr. Jonathan Addleton and the Embassy staff have participated in a celebration marking the 20th anniversary of the reopening of Amarbayasgalant Monastery. The news was reported Wednesday at the U.S Embassy's website.

The Minister of Road, Transportation, Construction and Urban Development D.Battulga received Tuesday a delegation led by Mr. M.Bay, a head of the Deutsche Bahn, Germany's national railway company. On Monday, a representation of the "Galaxy Group" of Hong Kong paid a visit to the Minister as well.

The main English-language newspaper in the United Arab Emirates, the Gulf News, wrote recently that sentiment on the major stock exchanges around the world may be gloomy but there is always a ray of hope at the exotic market places of the so-called frontier markets, which have performed surprisingly well in times of economic difficulties and over-cautiousness in the rest of the financial world.

Russian Railways Vice President Vadim Morozov told the recent meeting of Ulaanbaatar Railway that the Russian government’s decision in 2009 to transfer its stake in the company “to the beneficial ownership of Russian Railways represented an important step in improving the efficiency of the joint venture railway”.

During the spring session of SGK, railway policy is adopted by the State Great Khural. Some 1100 km long railway is planned to be built with wide gauge railroad. MP R.Rash, who led the working group of the State Great Khural on railway issue and one of the most experienced MP in the field of railway transportation and railroad, because of his professional background and career, has more to share.

Khan Bank has announced that Simon Morris has joined the Bank as Chief Executive Officer, succeeding J. Peter Morrow who is retiring after ten years in the position. Mr. Morris joins Khan Bank after twenty five years with the international banking group Standard Chartered Bank (SCB) in Asia, Europe and Africa.

SGK issued resolution on the discussion list of the fall session. The resolution set the priority on the list, such as top in the list will be laws and regulations on the implementation of the Government Action Plan, draft resolution of the State Great Khural and other related laws. Also, draft laws presented before the end of September 20 will be added in the list. The Government was ordered to bring Tavan Tolgoi deposit issue to the fall session of SGK.

BEIJING Aug 2 (Reuters) - Landlocked Mongolia sits on vast quantities of untapped mineral wealth and analysts say it could be one of the fastest growing economies of the next decade, as well as a key investment target for global mining giants.